Steven Rattner wins approval to work with Guggenheim

Steven Rattner, the money manager and former leader of the U.S. bailout of the auto industry, won regulators’ approval to work on deals for the investment-banking unit at Guggenheim Partners.

Bloomberg News reports that Rattner would be paid by Guggenheim based on fee income that the firm earns on his deals, according to an order dated Monday from the U.S. Securities and Exchange Commission approving a potential role. His work could include advising clients in the media industry, the document shows. The ruling opens a path for him to bring transactions to Guggenheim without being a full-time employee, according to two people familiar with the arrangement who asked not to be identified discussing a private deal.

The former head of Quadrangle Group, Rattner has faced limits on his financial activities after the 2010 resolution of an SEC probe into kickbacks in connection with a New York state pension fund. Guggenheim stated that he would have to meet regularly with compliance staff and face restrictions in a new role, according to an SEC summary of the firm’s application.

To access the complete Bloomberg News article hit the link below:

Rattner Wins SEC Approval for Dealmaking Role With Guggenheim

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